Sorouh reports $45m in second quarter profit
Abu Dhabi property developer saw net income surge to $45.35m as compared to $34.11m in 2011
Sorouh Real Estate, which is negotiating a possible merger with Aldar Properties, has reported a rise in second-quarter net profit, on the back of continued strengthening of sustainable recurring income, as well as revenues from its National Housing projects, subsidiaries and the release of contingencies and provisions.
The Abu Dhabi-headquartered property developer saw its net income surge 33% to $45.35m, compared with $34.11m recorded in the same period a year ago.
Revenues from National Housing projects more than doubled at 247% year-on-year, generating nearly $326.7m of revenue for the half year period.
“National Housing is now an important contributor to the quarterly revenue mix along with the increased amount of leasing income,” said the managing director of Sorouh, Abubaker Seddiq Al Khouri.
Last June, a joint steering committee was formed by Sorouh and Aldar to evaluate the proposed merger. The two firms also said the due diligence process was under way and a further update will be made “as and when appropriate.”
